US Lawmakers Push for Long-Term Terrorism Risk Insurance Renewal
The US Senate Banking Committee has unanimously passed a bill to reauthorize the federal Terrorism Risk Insurance Act (TRIA) with a 24–0 vote. This opens the door for a full Senate vote to continue the terrorism risk insurance program. Industry groups are urging long-term renewal before the current authorization expires at the end of 2027.
Kathmandu — US lawmakers are pushing to renew a long-standing insurance program for terrorism-related risks.
The Senate Banking Committee voted unanimously to advance legislation reauthorizing the federal Terrorism Risk Insurance Act (TRIA). This opens the door for a vote in the full Senate.
The proposal, known as S. 4395 or the Terrorism Risk Insurance Program Reauthorization Act of 2026, passed the committee by a margin of 24–0 and will now be presented to the Senate. TRIA was first created after the September 11 attacks, when private insurance companies largely retreated from insuring terrorism-related risks.
Since then, the program has provided a government backstop, keeping insurance coverage available and affordable for businesses, commercial real estate, and large construction projects. Without it, many insurers have warned that the market could freeze again, increasing costs and making financing difficult for major development projects.
The current authorization is set to expire at the end of 2027. Industry groups have urged Congress to act well before that deadline to avoid any uncertainty that could affect policy and project planning in the coming years.
The US federal legislature passed its version of this reauthorization earlier this year with strong bipartisan support. Before the final bill reaches the President, the two chambers still need to resolve some differences, including the extension period and certain certification requirements.
Supporters on both sides have called the program essential for economic stability. According to them, nearly 60 percent of US businesses carry insurance coverage against terrorism-related risks, and if it were to end, it could disrupt homebuilding and business activity across the country.
Trade associations representing property and casualty insurers, agents, and reinsurers welcomed the committee's move and called for the long-term extension to be passed as soon as possible. The committee's vote came as lawmakers marked the anniversary of the attacks that led to the program's creation.
The legislation now goes to the full Senate, where it is expected to pass easily if the differences with the House bill can be resolved with bipartisan support. –Agency